The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-06-03
BIG INSURANCE LOSSES
by Recent Extensive ConilnErations-Eu.


900 mors Of Failures. ,'
New IoRK, June 2.-Rumors Of failures
Of fire insurance companies have been ay.
ing about thick and fast among insurance
men the past two days. They were cansed
BY the three large frea Of last week-the
Belt Line car stables, Palmer's cooperape,
in Williamsburg, and John S. Richards
warehouse, West and King streets, on
each Of which certain companies, which
had already sustained large Losses this
year, had unusually big linea. ~
In the five months since January the
number Of fires entailing large Losses has
been greater than in any similar period
since the many fires in the dry goods dis
trlct in 1879. Ths result has been that
several companies have been "hard hit"
as the expression is, and If they do not
|succumb they will probably be obliged to
pass one or two dividends.
The largest loser in the fires OF the lsst
week WAS the Phoenix Company OF Lon
don. 1t had line Of SOS, ,75O on the Belt
Line car stables, and 81, 800 on the Will
iamsburg cooperage, and its total loss on
the two can cannot fall short Of 800 900.
These are abuormaliy large amounts TO
place on single risks, but It ia explained
by one Of the officers OF the company in
this way: l.. o"' m
"We began on May l, 1886, to increase
our lines OF insurance on certain classes OF
risks, and 10 issue policiea for from $25 900
to 5000. 1t waa In measure new de.
parture, and we placed this kind of busi.
ness in separate department, known aa
the "Jumbo Line Department" AsEwe
assumed big risks We naturally expected
big Losses, and calculated We would be
able to pay out 500 a day without i'm
pairing our surplus. Thus far we have
been successful beyond expectation and,
notwithstanding the large losses Of the
past Tow days, our premiums have been
considerably more than enough to keep
US even." Nz5.s 5s1f
Another Of tho companies which was
said to be affected by the recent fires is
tho Fire Association Of New York. p This
was organized less than year ago, with a
small capital, and has made a specially OF
placing large lines, running as high sa
$4,000. Early in March 1t had two large
Aopooo nAu Who lANOtNGu W LAlO UAteuL VI
SIC, 900 In the Williamsburg Cooperage
fire and $1,000 In the King street ware.
house blaze. Vanderbilt Allen, the presi.
dent, said that even II this was q total loss,
which he doubted, hia company would
not be seriously affected, aa It had an an
nually good run OF luck, not having had a
fro Tor tho last elk months Of its existence,
and extremely few since. 5q5EFS'
1t has been impossible to learn the full
amount Of insurance on tho King street
! fire, as many oilicern Of the companies in.
torested wero too busy adjusting other
loBscs to be present at the meeting OF the
Board OF Underwriiers, but 1t la believed
to be 500. 1000. Tho American Insurance
Company placed $S0,000 on tho building
which 10 owned by Booth & Edgar, and is
damaged $4,000, and the Liverpool, Lon.
don and Globe, Scottish Union, London
Assurance, Mechanics and Merchants and
Sun Fire Companies, Issued tho largeat
policies on the contents. sSy " -sit6i d.
A great effort hns been made by com.
panios Interested 10 prevent tho publica.
lion Of complete list OF tho insurances
on tho Belt Line car Btables, aH It was
feared that II would affect their standing.